Thanks for reading the Ram Alloys Monthly Nickel and 316L s/c update, intended to help our valued customers make educated business decisions.

THE FOUR (4) TRUMP TARIFFS

• One - Drug War:
• Validity subject to upcoming Supreme Court Ruling
• Originally: 25% Tariff on Canadian and Mexican Imports | 20% Tariff on Chinese Imports
• Began March 4th
• Not excluded from Trade War Reciprocal Tariffs
• August 1, 2025: Canadian tariffs increased to 35%
• August 1, 2025: Mexican negotiations extended 90 days
• Two - Steel War: INCREASED TO 50% Section 232 Tariff on all COPPER, Steel and Aluminum
• Validity NOT subject to upcoming Supreme Court Ruling
• Began March 12th - Original Tariff = 25%
• Quotas Eliminated. Exemption Process Terminated
• Excluded and separate from Trade War Reciprocal Tariffs
• June 4th: Tariff Rate Raised to 50%
• Except for UK - remains 25% while they negotiate (still negotiating)
• Tariffs for "derivatives" of steel and aluminum remain difficult to analyze, as either reciprocal or Section 232 tariffs apply, but the method for applying either is unclear
• August 1, 2025: Copper added to the 50% Section 232 tariffs, along with steel and aluminum
• Three - Trade War: Reciprocal Tariffs
• Validity subject to upcoming Supreme Court Ruling
• April 2, 2025: Reciprocal Tariffs Announced
• Since April 2nd it's been chaos and confusion - the White House has issued statements, agreements, corrected statements, revised agreements, and so on
• On July 31st, the day before the extended deadline, President Trump signed an Executive Order adjusting the so-called “reciprocal” tariff rates announced on April, 2, 2025.
• The adjusted tariff rates, ranging from 10-41 percent, will take effect on August 7, 2025. Goods loaded onto a vessel at the port of loading and in transit on the final mode of transit before August 7, 2025 and entered before October 5, 2025 are exempt from the adjusted rates. Countries not listed in the table below are subject to a 10 percent reciprocal rate.
• EU, Japan, South Korea, and some others have announced a trade frameworks, but no deal finalized and some are in limbo
• Four - BRICS Tariff (new - threatened)
• July 7, 2025: President Trump threatened a new tariff "an additional 10% tariff on countries that orient themselves along the 'Anti-American policies of BRICS."
• Meaning, application, interpretation, impact, etc.
• BRICS of course stands for: Brazil, Russia, India, China, and South Africa
• Other members include Saudi Arabia, Egypt, Iran, Ethiopia, the United Arab Emirates, and Indonesia
• BRICS Partner Countries: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam
• Since July 7th, Brazil has been hit with higher tariffs (no 40%) and India has been threatened with an additional 100% tariff due to their Russian energy purchases
• The "Sanctioning Russia Act" currently before the Senate contemplates up to 500% tariffs

Drug War and Reciprocal Tariff SCOTUS Trial  

Friday, August 29th, the Court of Appeals for the Federal Circuit ruled President Trump exceeded his authority and invalidated several tariffs. Notably, Section 232 Tariffs on Steel, Aluminum, and Copper remain unaffected and valid.

The Court delayed implementing the ruling until October 14th so the Trump Administration could appeal to the Supreme Court.

SCOTUS agreed to expedite the appeal and hear oral arguments on November 5th.

In our opinion, regardless of the legal merits, this distraction is simply another act in the ongoing circus. Either outcome will almost certainly result in uncertainty.

• Court rules for President Trump: full speed ahead on unpredictable movements.
• Court rules against President Trump: President Trump deploys a new round of legally permissible tariffs for the same result, just different names.
• See recent tariffs on furniture, medium and heavy trucks, pharmaceuticals, etc.

Interesting aspect: Should SCOTUS uphold the Court of Appeals and nullify some of President Trump's tariffs...USA's tariff refund liability exceeds $1 Trillion.

This pending liability, coupled with new trade deals and the availability of alternative tariff vehicles may alter the Court's ruling.

Yearly/Monthly 316L s/c and Ni Charts